The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1887-04-09

Nogations are in progress for the leas-
ing Of the Fairbanks mine. The Fair
banks is located between and joins the
Paint River and Great Western mines.
The fee simple is owned by Angus Smith,
T.. Mariner, Guido Pfster, OF Milwaukee
and the Hoyt estate. The mine was
opened in 1881 by the Crystal Falls Iron
Mining Co., OF which ~ X. Fair
banks, oiChieago, is president. Thecom-
pany mined out and exhausted a surface
pocket OF ore, obtaining something over
10000 tons. Thinking the mine had
pinched out entirely, they abandoned IT,
But il now seems that the ore deposit OF
the Great Western mine extends ON to
the Fairbanks property, somewhat TO
the south Of and deeper than, any OF the
old workings. At the west end of the
Great Western mine the ore body il sixty
eight feet i'm width and has been mined
on up to within but sixty feet of the
dividing line Of the Fairbanks and Great
Western. OF course il is n moral GER
tainty that the ore prolongs on TO the
former property and the fee owners are
very much elated. The quality OF the
Great Western ore il excellent. In some
while in other parts it runs little too
high in phosphorus TO come within the
desired limits But the ore is mined and
stocked all together, without sorting,
and the high grade ore brings up the
standard OF the low grade, making "a
splendid average. Local furnaces use
great deal OF the Great Western ore and
find that IL gives the very best satisfac-
ton. or course the ore on the Fairbanks
IL the same. Unless a tradeis made with
in thirty days, the fee owners will inau-
giIrate operations mt the mine on their
own behalf The mine is fully equipped,
railway already constructed, barns, en-
CINE houses, machinery, boarding houses,
tenement houses, dry house, blacksmith
shop, and everything necessary is on
hand and ready for use.
With the yet unsettled and edques-
ton of freight rates in chaotic con-
dition, the state OF the iron ore market
remains undisturbed, but close observ-
er will find dealers firm i'm their ideas OF
prices and no evidence Of any weakness
yet shows itself, nor does il seem 20 be
expected that such will occur. No one
seems Co anticipate any decline M a re-
suit of the effect OF the Interstate Com
merce Bill on freight rates, but the con-
trary appears TO be the prevailing inn
preston, IL the market is affected at all
by this much criticised piece Legislation.
The feeling of indecision has prompted
some To buy in 100 or 200-ton lots
where their immediate wants have
prompted them, and a slight improve
ment in shipments TO furnaces, particu-
larly over the n. Y, Il Il o. railroad IL
noted, ns we anticipated in our last re-
port. Buyers stick TO the idea that the
market is in their favor and sellers feel
much the same way and, as they are un-
able 20 come together, we have no round
sales 60 record. Strictly pure Bessemer
for steel purposes is the strongest ore in
the market Lake freights are at our
last quotations and will probably re-
main at those figures for the present, AZ
the bulk Of good vessels have been chart
cred and there il not remaining Tonnage
enough TO materially change those figures.
We quote;
No I specular and magnetic Besse-
mer ores per ton. ...,............ oO@f Oh
No, specular mon Bessemer) ores 90. -,
Bessemer Hematltes..................... 15MU 90
Non nesscmcr Hemntites.....,........ OOwo 10
Cleveland Iron Trade Review.
An enthusiastic iron producer, OF the
Upper Peninsula, predicts that, before
the close OF the present decade and the
one following, II the consumption OF iron
increases i'm the same proportion that II
has in the past ten years, the Menominee,
Marquette, Gogebic, Penokee and Yer
million iron districts will be having AN
annual output OF 100000 tons OF
ore. This looks like a wild prediction,
but every one who is posted on the sit
uation must admit that IL is clearly
within the range OF possibility. In the
matter Of material progress and rapid
developcmcnt, this country has been a
succession OF startling surprises during
the past fifty years and at present there